The Petroleum Product Pricing Regulatory Agency (PPPRA) has
recommended an upward review of the retail pump price of petrol from the
previous N121.50.
According to the agency, the recommended petrol retail band
for a litre of petrol is now between N140.80 and N143.80.
“Please recall the provision for the establishment of a
monthly price band within which petroleum marketers are expected to sell PMS at
the retail stations, based on the existing price regime,” the statement read.
“After a review of the prevailing market fundamentals in the
month of June and considering marketers’ realistic operating costs, as much as
practicable, we wish to advise a new PMS pump price band of N140.80 –
N143.80/litre for the month of July 2020.”
He also advised all petroleum marketers to operate with the
price band advised by the agency.
The federal government, in March, announced that the retail
price of petrol would be adjusted monthly to reflect realities in the global
crude oil market.
The pump price was fixed at N125 per litre in March and was
reviewed downwards in April to N123.50.
In May, only the ex-depot price was reviewed downwards to
N108 and the retail price was adjusted to N121.50 in June.
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